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FEDERAL RESERVE
OF NEW

BANK

YORK

t

Circular No. 2 8 8 0 1
January 5, 1945 J

Thirtieth Annual Statement

To the Stockholders
Federal Reserve

of

the

Bank of Nero

Yorlc:

W e hand you herewith a statement of condition of the Federal
Reserve Bank of New York at the close of the year 1944, and of the
profit and loss account for that year. For convenient comparison, the
corresponding figures for the previous year, 1943, are also shown.
The regular annual report of the bank, containing an account of its
operations for the year ended December 31, 1944, is in course of
preparation. When it is issued a copy will be sent to each stockholder.




ALLAN

SPROUL,

President.

Statement of Condition
(In thousands of dollars)
Dec. 31, 1944

Dec. 31,1943

A S S E T S

$ 5,904,288

$ 5,149,403

22,844

106,731

74,244

57,125

RESERVES

$ 6,001,376

$ 5,313,259

AND ADVANCES

$

2,185

$

77,775

$

126

$

12

GOLD CERTIFICATES

DISCOUNTS

U . S.

Treasury..

FUND—Federal Reserve notes

REDEMPTION

TOTAL

on hand and due from

INDUSTRIAL

LOANS

U . S . GOVERNMENT SECURITIES:

$ 2,474,891

$ 2,259,370

271,407

1,622,723

74,569

520,764

179,243

412,908

$ 3,000,110

$ 4,815,765

$ 3,002,421

$ 4,893,552

$

$

NOTES

TOTAL U .

S.

GOVERNMENT SECURITIES

(including

guaranteed securities)

TOTAL LOANS AND SECURITIES

D U E FROM FOREIGN BANKS

56*

49*

12,394

17,759

502,634

569,682

B A N K PREMISES

9,121

8,894

O T H E R ASSETS

9,936

16,460

$ 9,537,938

$10,819,655

80

86

FEDERAL RESERVE NOTES OF OTHER BANKS
UNCOLLECTED ITEMS

TOTAL

ASSETS

" A f t e r deducting participation of other Federal Eeserve B a n k s .




Federal Reserve Bank of New York
(In thousands of dollars)
L I A B I L I T I E S

Dec. 31, 1943

Dec. 31,1944

$ 4,263,922

$ 4,554,844

210,279

175,050
466,212*
287,547

$ 5,320,745

NOTES

$ 4,851,017

246,308

RESERVE

$ 3,766,861

600,236*

FEDERAL

$ 5,483,653

$

$

DEPOSITS :
M E M B E R BANK—reserve

account

U. S. TREASURER—general account

DEFERRED AVAILABILITY ITEMS

319,639

CAPITAL

1,139

$ 9,390,514

TOTAL LIABILITIES

1,154

$10,655,448

$

O T H E R LIABILITIES

including accrued dividends

301,754

$

A C C O U N T S
57,440

59,282

70,012
7,092
OTHER

CAPITAL

7,142

12,880

ACCOUNTS

84,903

12,880

TOTAL CAPITAL ACCOUNTS

$

TOTAL LIABILITIES AND CAPITAL
ACCOUNTS

$ 9,537,938

$10,819,655

66.0%

51.4%

to deposit and Federal Reserve
note liabilities combined

147,424

$

164,207

R A T I O OF TOTAL RESERVES

$
* A f t e r deducting participation o f other Federal Reserve B a n k s .




9
759,843

$
735,225

Profit and Loss Account
For the calendar years 1943 and 194-1
(In thousands of dollars)

1943

EARNINGS

$

N E T EXPENSES

CURRENT

1944

17,998

$

10,034

NET EARNINGS

28,993
11,445

$

7,964

$

17,548

$

10,217

$

829

ADDITIONS TO CURRENT NET EARNINGS:
PROFITS ON SALES OF U . S . GOVERNMENT SECURITIES

28

T O T A L ADDITIONS

$

10,245

$

$

DEDUCTIONS FROM CURRENT NET
RETIREMENT

133

2.389

$

962

EARNINGS:

SYSTEM

SPECIAL RESERVE ON BANK PREMISES

—

482
7

5

%

TOTAL

DEDUCTIONS

$

P A I D U N I T E D S T A T E S TREASURY

5

15,331

$

18.505

$

(Section 13b)

$

$

N E T EARNINGS

2,878

18

$

80

3,280
TRANSFERRED TO SURPLUS

(Section

TRANSFERRED TO SURPLUS

(Section

22

7)

SURPLUS

(Section 7)

$

BEGINNING OF YEAR

ADDITION AS ABOVE

SURPLUS

(Section




7)

51

12,011

13B)

3,483

14,891

58,001

$

12,011

END OF YEAR

$

4

70,012

70,012
14,891

$

84,903

Federal Reserve Bank of New York
DIRECTORS
BKARDSLEY

BUML,

Treasurer, R. H. Macy & Co., Inc., New York, N. Y.
Chairman
WILLIAM I.

MYERS,

Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y .
Deputy Chairman
CHARLES E .

ADAMS,

Chairman, Air Reduction Company, Inc.,
New York, N. Y .

DONALDSON

WARREN W .

BROWN,

S . S L O A N COLT,

Vice Chairman of the Board,
General Motors Corporation,
New York, N. Y .
ROBERT D .

CLUTE, JR.,

President, Glen National Bank of Watkins Glen,
Watkins Glen, N. Y .
President, Bankers Trust Company,
New York, N. Y.

CAT.KINS,

CARLE C . C O N W A Y ,

Dean, School of Business,
Columbia University,
New York, N. Y .

Chairman of the Board and President,
Continental Can Company, Inc.,
New York, N. Y .

HARRY H .

POND,

President, The Plainiield Trust Company,
Plainfield, N. J.

OFFICERS
A L L A N SPROUL,

LESLIE R. ROUNDS, First Vice

President

President

JAMES M . RICE, Vice
President
J . WILSON JONES, Vice
President
HAROLD V . ROELSE, Vice
President
L . WERNER KNOKE, Vice
President
ROBERT G. ROUSE, Vice
President
WALTER S. LOGAN, Vice President and General Counsel
JOHN H . WILLIAMS, Vice
President
ARTHUR PHELAN, Vice
President
VALENTINE WILLIS, Vice
President
REGINALD B . WILTSE, Vice
President

HAROLD A . BILBY, Assistant Vice President
FELIX T. DAVIS, Assistant Vice President
EDWARD O. DOUGLAS, Assistant Vice President
HERBERT H. KIMBALL, Assistant Vice President

SILAS A. MILLER, Assistant Vice President
HORACE L. SANFORD, Assistant Vice President
WILLIAM F . SHEEHAN, Chief

JOHN H. WURTS, Assistant Vice

Examiner

President

TODD G. TIEBOUT, Assistant General Counsel
RUFUS J. TRIMBLE, Assistant General Counsel

WILLIAM F. ABRAHAMS, Manager, Security Custody
NORMAN P. DAVIS, Manager, Foreign Funds Control
Department
Department, and Manager, Security Loans Department
LOREN B. ALLEN, Manager, Accounting
Department
MARCUS A . HARRIS, Manager, Securities
Department
DUDLEY H. BARROWS, Manager, Cash Department
WILLIAM A. HEINL, Manager, Personnel
Department
CURTIS R. BOWMAN, Manager, Credit Department
DANIEL J. LIDDY, Manager, Foreign
Department
HARRY M. BOYD, Manager, Savings Bond Redemption
MICHAEL J. MCLAUGHLIN, Manager, Service Department
Department
FRANKLIN E. PETERSON, Manager, Banlc Relations Department
ROBERT H. BROME, Assistant Counsel, and Assistant
RALPH W . SCHEFFER, Manager, Check Department
Secretary
FREDERICK STOCKER, Manager, Cash Custody Department
WESLEY W . BURT, Manager, Government Bond Department
WILLIAM F . TREIBER, Assistant Counsel, and Secretary
JAMES J. CARROLL, Manager, Planning Department
CHARLES N. VAN HOUTEN, Manager, Safekeeping
Department
ROY E. WENDELL, Manager, Government Check Department




WILLIAM H . DILLISTIN, General

Auditor

DONALD J. CAMERON, Assistant General

5

Auditor

Federal Reserve Bank of New York
MEMBER OF FEDERAL ADVISORY COUNCIL
JOHN

C.

TRAPHAGEN,

President, Bank of New York,
New York, N. Y .

INDUSTRIAL ADVISORY COMMITTEE
WILLIAM

H.

POUCH,

Chairman

President, Concrete Steel Company,
New York, N. Y .
A R T H U R G . N E L S O N , Vice

EDWARD J .

Chairman

President, A . G. Nelson Paper Company, Inc.,
New York, N. Y.

NOBLE,

Chairman, Life Savers, Inc.,
Port Chester, N. Y .

Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
GEORGE H .

ELMER B .

BANGERT,

MARION B .

FOLSOM,

GILBERT A . PROLE,

Treasurer, Eastman Kodak Company,
Rochester, N. Y .
LEWIS G.

MILLIMAN,

President, Central Trust Company Rochester, N. Y.,
Rochester, N. Y .

President, The First National Bank of Ivenmore,
Kenmore, N. Y .

Chairman,

Genesee Farm Supply Company,
Batavia, N. Y .

HARRIMAN,
T H O M A S ROBINS, JR.,

President, Manufacturers and Traders Trust
Company,
Buffalo, N. Y.

President, Hewitt Rubber Corporation,
Buffalo, N. Y .

INSLEY B . SMITH, Managing

Director

OFFICERS
INSLEY B . SMITH, Managing




HALSEY W . SNOW,

Director

GEORGE J. DOLL, Assistant

6

Cashier

Cashier

FEDERAL RESERVE
OF NEW

BANK

YORK

January 9, 1945.

To all Banking Institutions in the
Second Federal Reserve

District:

W e are pleased to announce that Raritan State Bank,
Raritan, New Jersey, has become a member of the Federal
Reserve System effective January 9, 1945.




ALLAN

SPROUL,

President.

FEDERAL RESERVE
OF N E W

BANK

YORK

January 10, 194-5 •

CONSERVATION OF BAGS
To each Member and Nonmember Bank
in the Second Federal Reserve District:
The increased use of fabrics in connection with the prosecution of the war and the shortage of available fabrics for other uses
has made difficult the procurement of bags for use in shipping paper
currency, coin, securities and checks.

Thus, in order to maintain our

present standard of service to the banks, it is necessary to use all
available bags to the fullest possible extent.
Accordingly, we shall appreciate your returning to us
promptly by parcel post all bags bearing the imprint of the United
States Mint or the Federal Reserve Bank of New York which you may
now have or which may subsequently come into your possession.

Bags

bearing the imprint of our Buffalo Branch should be returned to the
Branch in the same manner. We will reimburse you for the cost of
postage.
We appreciate the response of the banks in this district to
previous requests regarding conservation measures, and we feel sure we
can count upon your continued cooperation.




Allan Sproul,
President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102